China Sky One Medical , a leading fully integrated pharmaceutical company producing over-the-counter drugs in China, today announced the receipt of government supported policies following the recent move of its corporate headquarters to Songbei New District, Harbin City.

China Sky One Medical , a leading fully integrated pharmaceutical company producing over-the-counter drugs in China, today announced the receipt of government supported policies following the recent move of its corporate headquarters to Songbei New District, Harbin City.
In an effort to promote the development of Songbei, the Heilongjiang provincial government and Harbin municipal government are jointly establishing a High and New Technological Development Zone (\"Development Zone\"). The provincial and municipal governments grant preferential policies to companies operating in the Development Zone in an effort to attract investment from Chinese and foreign high-tech enterprises. These policies include land transfer fee concessions that allow entities to acquire land at a discount of at least 30% of market value, expedited approval of permits and availability of credit loans from the local commercial banks. Some governmental institutions are also moving into this district and consolidating their functional departments for a more efficient and simplified reviewing process.
\"Receipt of these preferential policies positively reinforces our decision to move our headquarters to Songbei,\" said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. \"We believe these policies will enhance our growth opportunities, and we plan to expand our operations in Songbei in the years ahead. While we do not have an immediate need to utilize the available loans, they do provide us with more financial flexibility as we grow.\"